Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 10.5% – Should You Buy?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) traded up 10.5% during trading on Tuesday. The company traded as high as $16.31 and last traded at $16.3510. 3,563,857 shares were traded during mid-day trading, a decline of 23% from the average session volume of 4,617,350 shares. The stock had previously closed at $14.80.

Wall Street Analyst Weigh In

SMMT has been the subject of several recent analyst reports. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. The Goldman Sachs Group set a $41.00 price target on Summit Therapeutics and gave the company a “buy” rating in a report on Tuesday, September 29th. Sanford C. Bernstein restated a “market perform” rating on shares of Summit Therapeutics in a research note on Monday, October 5th. Morgan Stanley downgraded Summit Therapeutics to an “outperform” rating in a report on Tuesday, September 29th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.61.

Summit Therapeutics Price Performance

The stock has a market cap of $13.12 billion, a price-to-earnings ratio of -14.54 and a beta of -1.49. The business’s fifty day simple moving average is $16.09 and its 200 day simple moving average is $16.17.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in Summit Therapeutics during the 2nd quarter valued at approximately $6,284,000. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $138,838,000. Public Employees Retirement System of Ohio acquired a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $561,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Summit Therapeutics during the second quarter worth $4,342,000. Finally, Bank of America Corp DE purchased a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $12,603,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.